COMOROS · ECONOMY
Key Facts
- The country Comoros is a three-island Indian Ocean nation of 883,000 people with a US$1.8 billion economy in 2025.
- Why now The finance ministry announced the sixth bill sale on Thursday 29 October; bids close Monday 2 November.
- What happened The state offers 1.5 billion Comorian francs (US$3.4 million) of 28-day bills, due 2 December.
- What it means for you Bids run through authorised intermediaries; no direct US access is announced, and the sum is tiny.
- Still open The central bank has not posted the result of the 30 September sale or its bidders.
The Comoros will sell 1.5 billion Comorian francs (US$3.4 million) of 28-day Treasury bills on Monday 2 November 2026. It is the sixth sale since the island state opened a local bill market in May, and the finance ministry published the call for bids on Thursday 29 October.
For US readers the sale shows how an island state with a US$1.8 billion economy in 2025 tries to borrow at home rather than abroad (see the guide to the Comoros economy and its income sources). The notice invites authorised intermediaries to bid and announces no direct route for US investors.
In Plain English
A Treasury bill is a short loan to the government: the buyer pays less than the face value today and is repaid the full face value on a set date. In this sale the interest is paid in advance and deducted from the face value, and each bill has a face value of 1 million Comorian francs (US$2,262).
The Central Bank of the Comoros runs the auction for the Treasury, and its governor is Younoussa Imani. The franc is fixed at 491.96775 per euro, which at the European Central Bank euro rate of US$1.1130 on 29 October 2026 puts US$1 at about 442 francs.
What the Notice Says
The notice is dated Moroni, 29 October 2026, and comes from the Ministry of Finance, Budget and Banking Sector, which asks the central bank to run the auction for the Treasury. Bidders are authorised intermediaries acting for their own account or for their clients, and the notice lists the interest rate as multiple.
Bids must reach the central bank by 11:00 local time on Monday 2 November, and the results are due at 15:00 the same day. The bills settle on Wednesday 4 November at 10:00 and mature on Wednesday 2 December 2026, 28 days later.
The minister keeps the right to accept less than the announced amount if market conditions are judged unsatisfactory. The notice names the new line BT-28J-Décembre 2026 and gives it the code KM1000006120.
A Market Only Five Months Old
The finance ministry and the central bank announced the launch of the market on Wednesday 20 May 2026, calling it the first of its kind on Comorian territory. They said it diversifies state funding, modernises debt management and channels national savings into state projects.
A Treasury calendar dated 18 May listed monthly sales of 1.5 billion francs for 28 days, and one published on 20 August set sales for 31 August, 30 September and 2 November. The first sale took place on Thursday 21 May 2026, and the full 1.5 billion francs was sold in each of the four sales with a published result.
Bids equalled 166.7% of the amount offered on 21 May, 150% on 23 June and 153.33% on both 29 July and 31 August. The weighted average rate was 4.2% in May, 4.83% in June and 4.73% in both July and August, and the highest accepted rate was 5.0% in the first three sales.
The number of bidding institutions fell from three in May and June to two in July and August. The ratios imply total bids of about 2.3 billion francs (US$5.2 million) in each of the last two published sales.
No result for the 30 September sale appeared on the central bank news list on 30 October. The notice for that sale offered the same 1.5 billion francs and set maturity for Friday 30 October 2026, three days before the new sale.
What the Rates Say
The 4.73% average rate of the last two published sales is almost double the 2.5% the central bank charges the state on advances and below its 5.5% marginal lending rate, both left unchanged by its monetary policy committee on 8 October 2026. It is also about 3.1 percentage points above the 1.6% annual inflation the committee reported for the second quarter.
The same committee forecast growth of 4.2% in 2026 after 3.8% in 2025, and it put foreign exchange reserves at 165.2 billion francs (US$374 million) at the end of June 2026, enough for 8.5 months of imports. France gives an unlimited guarantee to the franc under the monetary cooperation agreement published on the central bank site.
What It Means for You
A US investor cannot buy these bills directly on the evidence of the notice, which addresses authorised intermediaries and says nothing about foreign buyers. At US$3.4 million for the whole sale, the issue is tiny by international standards and will not move any US market.
For travellers, importers and people sending money to the islands, the useful fact is the peg: about 442 francs bought US$1 on 29 October 2026, and the rate follows the euro-dollar rate. A bill market that grows would give the state another source of funding besides grants and foreign loans, and the wider debt position and talks with the International Monetary Fund are covered separately.
What Is Not Known
The central bank has not posted the result of the 30 September sale, so the bidders, the rates and the amount sold are not posted there. The notice also does not say whether a local intermediary can bid on behalf of a foreign client.
The latest published calendar ends with the 2 November sale, and the central bank site shows no schedule for later months. It is also not known why the number of bidding institutions fell from three to two between June and July.
Frequently Asked Questions
What are Comoros Treasury bills?
They are short loans to the government, sold at auction by the central bank on behalf of the finance ministry. The bills on offer on 2 November run for 28 days and mature on 2 December 2026.
Can US investors buy Comoros Treasury bills?
The notice invites authorised intermediaries acting for themselves or their clients and announces no direct route for foreign buyers. A US investor would need to ask a local intermediary, because the notice does not address foreign access.
How many Comorian francs equal one US dollar?
About 442 francs bought US$1 on 29 October 2026. The rate follows from the fixed peg of 491.96775 francs per euro and the European Central Bank euro reference rate of US$1.1130.
Why does the Comoros sell Treasury bills?
The finance ministry says the market diversifies the sources of state funding and modernises debt management. It also says the market channels national savings into state projects, and the first sale was held on 21 May 2026.
When will the 2 November result be known?
The notice says results will be announced at 15:00 on Monday 2 November 2026. Past results were posted on the central bank website the same day or the next.
Sources: Ministry of Finance, Budget and Banking Sector, call for bids 0006/2026, Moroni, 29 October 2026; Central Bank of the Comoros notice, 29 October 2026; launch of the Treasury bill market, 20 May 2026; Treasury calendar, 18 May 2026; issuance calendar, 20 August 2026; result of sale 001/2026, 21 May; result of sale 002/2026, 23 June; result of sale 003/2026, 29 July; result of sale 0004/2026, 31 August; monetary policy committee communique, 8 October 2026; monetary cooperation agreement with France; European Central Bank euro reference rates, 29 October 2026; World Bank data on the Comoros, 2025.
This article was produced by The Rio Times’ automated newsroom system. How we use AI · Report an error · Editorial responsibility: Matthias Camenzind, Editor-in-Chief